A&L increases basic variable rate to 5.79%

Alliance & Leicester has increased its basic variable mortgage rate by 0.25% to 5.79%.

The rate will take effect from November 24 2003 for new borrowers and December 2 2003 for existing borrowers.

A&L&#39s tracker products are also subject to change, with new borrower products increasing by 0.25% from November 10 2003 and existing borrower products increasing from December 1 2003.